Preparing for Life Events

Military

Military Financial Planning

SISIP

The life a military family can definitely be challenging. However, the more you know, the better off you are. The Canadian government offers a wide array of services ranging from support groups to informational assistance and most importantly financial assistance. Military life can be very emotional, especially if your loved one is deployed. That emotional stress will only worsen if your financial affairs are not taken care of. The following information is designed to assist you with understanding what financial resources are available to you and how they work.

The Canadian government provides military families with financial planning assistance through the Canadian Forces Personnel Support Agency. These services are available to current and former members of the Canadian Forces and their spouses. A personal financial planner is provided to evaluate each individual situation and make recommendations to ensure a secure financial future for each participant. The nicest thing about this service is that it is centred around families that are involved in the military.

Services provided include general financial advice, RSP help, investment products, complete financial planning, a direct access line at 1-800-267-6681, 24 hours a day, income tax preparation services. Visit the SISIP website for more information on all of these services at http://www.sisip.com.

There may be a fee associated with these services depending on your financial needs. However, SISIP will conduct a meeting to better understand your financial picture along with what you want to get accomplished and talk about whether your needs fit the services that they offer.

SISIP, along with Consolidated Credit Counseling Services of Canada, Inc., provides financial counselling services for those who are experiencing financial difficulty. Remedial financial counselling is offered to those families who are unable to meet their financial obligations. A counsellor will assist you with assessing the situation and developing and carrying out a plan to recover. After remedial counselling is completed, a preventive counselling service is offered as follow up to the original plan to ensure that the situation does not occur again.

Informative counselling is offered to families for topics they request or topics that are suggested by the agency. These topics are typically focused around budgeting and credit.

These services are offered at no cost to the client as long as the resources are available and sufficient notice is given to arrange counselling.

SISIP Financial Services also offers insurance coverage to CF members including life, auto, home and disability insurance programs. For more information visit: http://www.sisip.com.

There are several Assistance Funds available through the SISIP. The following is a general explanation of each program. You can find more details along with eligibility and forms at http://www.sisip.com.

The Minor Disbursement Program is a grant of $50-$100 for those in need of immediate relief from financial distress. There are eligibility requirements and a process by which one can go about obtaining this assistance.

The Self Improvement Loan Program is one that offers assistance ranging from $500 to $4000 for serving CF members. This assistance can be used for emergency situations, the prevention of financial distress, and education expenses. Eligibility is required and there are restrictions. For example, these funds can not be used for investment purposes.

The Financial Distress Program is one that offers assistance from $5000 to $25000 to both serving and former CF members. There are qualification and eligibility requirements.

Education Assistance Loan Program offers assistance for education expenses ranging from $1200 to $4000. The lifetime maximum for each student is $16000. There are eligibility requirements.